Section 5: Corporation not to be exempt from taxation, etc.

(1) It is hereby declared that, subject to subsection (2) of this section, the Corporation shall be liable for taxation of any description (including liability for any duty, rate, levy or other charge whatsoever, whether general or local, properly levied and payable).
(2)
Nothing in this section shall be construed to impose liability for company income tax upon the Corporation, until such time as the amount in the general reserve fund of the Corporation is for the first time equal to twice the amount of the paid-up capital of the Corporation.